Bankers thank lawmakers for passing anti-ATM skimming bill

Fraudsters could face life imprisonment for hacking bank systems or stealing depositor data.

The Bankers Association of the Philippines (BAP) had nothing but praise for the House of Representatives after the chamber passed a proposed law that declares financial fraud as a crime punishable by jail time.

The BAP is referring to House Bill 6710 which was unanimously approved by legislators on third and final reading. The bill declares skimming and bank hacking as “heinous” crimes of economic sabotage, which allows penalties to extend to as long as life imprisonment.

“Declaring the commission of such crimes as heinous and a form of economic sabotage and raising the punishment to the maximum allowable by law are expected to deter criminals from further committing such acts,” the bankers said in a statement.
“This bold move will help in ensuring the safety, security and stability of the
Philippine financial system.”

Now, they need to convince the Senate to also approve the bill so that it will inch closer to being signed into law.